Share Answer — Clarity

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Question

We are a very early stage start-up and just finished a Friends and Family funding round. We are making an offer to our first full-time employee and are offering stock options. Our Stock Option Agreement includes a section to list the "Exercise Price per Share". I am unsure what to put here since I think we are a little ways away from getting a formal third-party valuation completed. It also doesn't seem correct to put the minuscule price per share the founders initially paid for our shares. Any thoughts?